The most recent study conducted by Report Ocean, titled “Global Biotechnology & Pharmaceutical Services Outsourcing Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Biotechnology & Pharmaceutical Services Outsourcing. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global Biotechnology & Pharmaceutical Services Outsourcing Market to reach USD 92 billion by 2027. Global Biotechnology & Pharmaceutical Services Outsourcing Market is valued approximately at USD 62.0 Billion in 2020 and is anticipated to grow with a healthy growth rate of more than 5.8% over the forecast period 2021-2027. Biotechnology & pharmaceuticals outsourcing services includes outsourcing of R&D activities by pharmaceutical and medicines manufacturers. The global Biotechnology & Pharmaceutical Services Outsourcing market is being driven by rise in focus on core competencies by various pharmaceutical and biotechnology companies and rising drug development costs along with clinical development failure rates.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
Furthermore, rising mergers and collaborations, will provide new opportunities for the global Biotechnology & Pharmaceutical Services Outsourcing industry. For instance, as of year 2020 around 330,000 clinical trials were registered on Clinicaltrials.gov which remains vulnerable as coronavirus continues to spread worldwide.
In March, 2020, more than 18 pharma or biotech companies has reported disturbance in the development of drug as a result of pandemic, as a result rise in focus on drug developing will serve as a catalyst for the Biotechnology & Pharmaceutical Services Outsourcing industry in the future. However, issue related to monitoring and lack of standardization and loss of control may impede market growth over the forecast period of 2021-2027.
Asia Pacific, North America, Europe, Latin America, and Rest of the World are the key region considered for the regional analysis of global biotechnology & pharmaceutical services outsourcing. The presence of several established CROs and CMOs makes the North America the leading region across the world in terms of market share. Whereas , Asia pacific is also anticipated to exhibit the highest growth rate over the forecast period 2021-2027, due to lower cost of drug development and manufacturing and availability of skilled workforce.
Major market player included in this report are:
The Quantic Group
Iqvia holdings, inc.
Parexel International Corporation
Lachman Consultant Services
GMP Pharmaceuticals
Concept Heidelberg GmbH
Covance, INC.
Charles River
PRA Health Sciences
ICON plc
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Service:
Consulting
Auditing and assessment
Regulatory affairs
Product maintenance
Product design & development
Product testing & validation
Training & education
Others
By End-use:
Pharma
Biotech
By Region:
North America
U.S.
Canada
Europe
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UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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